Sagimet Biosciences Inc. (NASDAQ:SGMT) Receives Average Rating of “Moderate Buy” from Analysts

Sagimet Biosciences Inc. (NASDAQ:SGMT) has been given an average rating of “Moderate Buy” by the seven ratings firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $23.00.

A number of brokerages have recently weighed in on SGMT. Oppenheimer began coverage on Sagimet Biosciences in a research note on Friday, December 6th. They set an “outperform” rating and a $30.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Sagimet Biosciences in a research note on Tuesday, March 11th.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC increased its stake in Sagimet Biosciences by 72.4% during the 4th quarter. Squarepoint Ops LLC now owns 50,484 shares of the company’s stock worth $227,000 after acquiring an additional 21,195 shares during the period. Shay Capital LLC bought a new position in Sagimet Biosciences during the 4th quarter worth $87,000. OMERS ADMINISTRATION Corp bought a new position in Sagimet Biosciences during the 4th quarter worth $263,000. Millennium Management LLC increased its stake in Sagimet Biosciences by 257.1% during the 4th quarter. Millennium Management LLC now owns 693,247 shares of the company’s stock worth $3,120,000 after acquiring an additional 499,094 shares during the period. Finally, Bridgeway Capital Management LLC increased its stake in Sagimet Biosciences by 62.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 224,100 shares of the company’s stock worth $1,008,000 after acquiring an additional 85,800 shares during the period. Institutional investors own 87.86% of the company’s stock.

Sagimet Biosciences Stock Performance

NASDAQ SGMT opened at $3.99 on Monday. The stock has a market cap of $122.39 million, a PE ratio of -2.79 and a beta of 2.57. The firm has a 50-day moving average of $4.10 and a 200-day moving average of $4.50. Sagimet Biosciences has a 52-week low of $2.39 and a 52-week high of $7.38.

Sagimet Biosciences (NASDAQ:SGMT) last issued its quarterly earnings data on Wednesday, March 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.65) by $0.15. As a group, analysts predict that Sagimet Biosciences will post -1.6 EPS for the current fiscal year.

About Sagimet Biosciences

Sagimet Biosciences Inc, a clinical-stage biopharmaceutical company, develops therapeutics called fatty acid synthase (FASN) inhibitors for the treatment of diseases that result from dysfunctional metabolic pathways in the United States. The company’s lead drug candidate is Denifanstat, a once-daily pill and selective FASN inhibitor for the treatment of metabolic dysfunction associated steatohepatitis.